2022年中央银行数字货币和加密货币调查结果（英）-32页-WN9.pdf

BIS Papers No 136 Making headway Results of the 2022 BIS survey on central bank digital currencies and crypto by Anneke Kosse and Ilaria Mattei Monetary and Economic Department July 2023 JEL classification:E42,E58,O33.Keywords:central bank digital currencies,CBDC,digital innovation,cryptoassets,financial inclusion,stablecoins,cross-border payments,interoperability,fast payment systems.群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料 The views expressed are those of the authors and not necessarily the views of the BIS.This publication is available on the BIS website(www.bis.org).Bank for International Settlements 2023.All rights reserved.Brief excerpts may be reproduced or translated provided the source is stated.ISSN 1682-7651(online)ISBN 978-92-9259-673-6(online)BIS Papers No 136 1 Making headway Results of the 2022 BIS survey on central bank digital currencies and crypto1 Over the course of 2022,the share of central banks engaged in some form of central bank digital currency(CBDC)work rose further,to 93%,and their uncertainty about short-term CBDC issuance is fading.Work on retail CBDC is more advanced than on wholesale CBDC:almost a quarter of central banks are piloting a retail CBDC.More than 80%of central banks see potential value in having both a retail CBDC and a fast payment system,mostly because a retail CBDC has specific properties and may offer additional features.The survey suggests that there could be 15 retail and nine wholesale CBDCs publicly circulating in 2030.More than nine out of 10 central banks engage with other stakeholders when designing proofs of concept,pilots or live CBDCs.The degree of that engagement and the type of entities involved differ between emerging market and developing economies(EMDEs)and advanced economies(AEs).They also differ by type of CBDC and the stage of work.The survey further shows that,to date,stablecoins and other cryptoassets are rarely used for payments outside the crypto ecosystem.Some 60%of surveyed central banks reported that they have stepped up their CBDC work in response to the emergence of cryptoassets.Introduction This paper presents the results of a survey of 86 central banks conducted in late 2022 about their involvement in CBDC work,as well as their motivations and intentions of potentially issuing one.The survey also asked about central banks assessment of the use of stablecoins and other cryptoassets in their jurisdictions.Over the course of 2022,work on CBDCs progressed further.There are currently four central banks that have issued a live retail CBDC:The Bahamas,the Eastern Caribbean,Jamaica and Nigeria.2 Although no new retail CBDCs were launched in 2022,there are probably more to come:18%of central banks indicated in the survey that they are likely to issue a retail CBDC in the near term.Various central banks published results of their CBDC experiments,including Sveriges Riksbank,the Federal Reserve Bank of New York,and the Reserve Bank of Australia,Central Bank of Malaysia,the Monetary Authority of Singapore and the South African Reserve Bank,in collaboration with the BIS Innovation Hub.3 Moreover,in recent months,the Central Reserve Bank of Peru,the Hong Kong Monetary Authority,the Bank of England,the European Central Bank(ECB)and the Bank of Canada launched consultations or 1 We thank Stijn Claessens,Jon Frost,Tirupam Goel and Tara Rice for their valuable comments and Anamaria Illes for excellent research assistance.The views expressed in this article are those of the authors and do not necessarily reflect those of the BIS.2 Based on the updated data set on CBDC projects,speeches and search interest,as of 13 January 2023,from Auer et al(2020).For the latest status of CBDC projects,see CBDC tracker at cbdctracker.org/from Mikhalev et al(2021)and the CBDC Tracker from the Atlantic Council at www.atlanticcouncil.org/cbdctracker/.3 See Sveriges Riksbank(2022),Federal Reserve Bank of New York(2022)and the BISIH et al(2022).2 BIS Papers No 136 published progress reports detailing various aspects of potential digital versions of their local currencies.4 In 2022 and early 2023,crypto markets were turbulent.In early May 2022,the crypto ecosystem was roiled by the failure of various cryptoasset providers,including TerraUSD,Terras(unbacked)stablecoin,which was the third largest stablecoin at the time.The turmoil continued,and November saw the collapse of FTX,one of the largest crypto trading platforms.Nearly 60%of respondent central banks said that the emergence of cryptoassets and stablecoins has accelerated their work on CBDCs.Central banks and international standard-setting bodies have stepped up monitoring the implications of cryptoassets and are engaged in extensive international policy and standard-setting work to strengthen regulatory approaches to cryptoassets.In July 2022,the Bank for International Settlements Committee on Payments and Market Infrastructures(CPMI)and the International Organization of Securities Commissions(IOSCO)published guidance on the application of the principles for financial market infrastructures(PFMIs)to stablecoins that are widely used for payments.5 In October 2022,the Financial Stability Board(FSB)published a proposed framework for the international regulation of cryptoasset activities,and in December,the Basel Committee on Banking Supervision(BCBS)issued a prudential standard for the treatment of banks exposures to cryptoassets.6 What are central bank digital currencies?A CBDC is a digital payment instrument,denominated in the national unit of account,which is a direct liability of the central bank.7 If the CBDC is intended for use by households and firms for everyday transactions,it is referred to as a“general purpose”or“retail”CBDC.8 A retail CBDC differs from existing forms of cashless payment instruments(ie credit transfers,direct debits,card payments and e-money),as it represents a direct claim on a central bank rather than the liability of a private financial institution.In contrast to a retail CBDC,a wholesale CBDC targets a different group of end users.Wholesale CBDCs are meant for use for transactions between banks,central banks and other financial institutions.So wholesale CBDCs would serve a similar role as todays reserves or settlement balances held at central banks.However,wholesale CBDCs could allow financial institutions to access new functionalities enabled by tokenisation,such as composability and programmability.9 4 For more details,see HKMA(2022),BoE(2023),ECB(2023),CRBP(2023)and the consultation on www.bankofcanada.ca/digitaldollar/.5 For more details,see CPMI-IOSCO(2022).6 For more details on the FSBs proposed framework for the international regulation of cryptoasset activities and the new BCBS prudential standards,see FSB proposes framework for the international regulation of crypto-asset activities Financial Stability Board and BCBS(2022),respectively.7 See BIS(2021).8 Throughout the paper,the terms“general purpose”and“retail”are used interchangeably.9 See BIS(2023).BIS Papers No 136 3 What are cryptoassets and stablecoins?Cryptoassets were defined in this survey as a type of private sector-issued digital asset that depends primarily on cryptography and distributed ledger or similar technology.10 In contrast to CBDCs,cryptoassets do not represent a claim on a central bank.Stablecoins such as Tether and USD Coin are cryptoassets that aim to maintain a stable value by tying their value to a specified asset,or a pool or basket of assets.11 At the end of 2022,with a market capitalisation of less than$140 billion,stablecoins constituted a relatively small proportion of the overall sector,accounting for just over 15%of the value of all cryptoassets(Glowka et al(forthcoming).Since they aim to maintain a stable value,stablecoins may have a higher potential than other,unbacked,cryptoassets to be used for payments or to store value when properly designed and regulated.Therefore,they have attracted considerable attention from central banks,regulatory authorities and international standard setters.Key features of the 2022 survey Questions This survey on CBDCs and crypto was carried out in late 202212 for the sixth consecutive year.13 Most of the previous years questions remained unchanged to ensure consistency.14 The survey asked central banks whether they were working on a retail,wholesale or both types of CBDC,and if so,how advanced the work was.Motivations and current expectations for potentially issuing these two types of CBDC were queried again,as well as whether central banks have the legal authority to issue a CBDC.A few new questions were added to learn more about central banks collaboration with and involvement of other entities and the differences between retail CBDCs and fast payment systems.As in previous editions,the 2022 survey included questions about cryptoassets and stablecoins and their current use for payments other than in decentralised finance(DeFi)and crypto trading.In particular,central banks were asked about the use of cryptoassets for specific payment purposes,ranging from domestic wholesale payments to cross-border payments by consumers.The survey also gave respondents the opportunity to add clarifying comments.All questions are listed in Annex B.10 This definition is used by the FSB(FSB(2020).11 This definition is used by the FSB(FSB(2020).12 The survey was distributed in October 2022 and all responses were received by the end of December 2022.13 The first survey informed a CPMI and Markets Committee report on CBDCs published in March 2018,and the second,third,fourth and fifth surveys were published as BIS papers in 2019,2020,2021 and 2022,respectively(see CPMI-MC(2018),Barontini and Holden(2019),Boar et al(2020),Boar and Wehrli(2021),and Kosse and Mattei(2022).14 Compared with previous publications,there are minor changes in the historical data due to revised calculations.4 BIS Papers No 136 Sample and geographical coverage In 2022,a record 86 central banks replied to the survey(Annex A).15 The jurisdictions of the responding central banks represent 82%of the worlds population and 94%of global economic output.Twenty-eight respondents are in AEs and 58 are in EMDEs(Graph 1).Sixty-seven of these respondents had taken part in the 2021 survey and 38 have now replied for the fifth time,allowing us to assess how views on and the status of CBDC involvement have changed over time.CBDC experiments and pilots are well under way Over the course of 2022,the share of central banks engaged in some form of CBDC work rose to 93%(Graph 2.A).As in 2021,these central banks either focus on retail CBDC only or are involved in both retail and wholesale CBDC work(Graph 2.B).Importantly,central banks CBDC work has made further progress.16 More than half of central banks are conducting concrete experiments or working on a CBDC pilot(Graph 2.C).Multiple central banks completed retail or wholesale CBDC experiments in 2022.Sveriges Riksbank,for example,tested the technical solution for a potential 15 The number of central banks replying to the survey in previous years was 81(2021),65(2020),66(2019),63(2018)and 52(2017).16 The survey distinguished between the following stages:“Research/study”(exploratory work,eg to explore use cases,impact and feasibility,without any technical development),“Experiments/proofs of concept”(early testing of one or a small number of selected aspects of the CBDC in a controlled and internal environment),“Developing or running a pilot”(developing or testing a prototype in the real world among a restricted number of external participants),and“Live”(CBDC issued for widespread use).Respondents to the survey Graph 1 The black circles represent Brunei,the Cayman Islands,the Dominican Republic,the European Central Bank,Fiji,Hong Kong SAR,Macao SAR,the Maldives,Seychelles and Singapore.The categorisation of jurisdictions into advanced economies(AEs)and emerging market and developing economies(EMDEs)is based on the World Economic Outlook(WEO)classification of the International Monetary Fund(IMF).The use of this map does not constitute,and should not be construed as constituting,an expression of a position by the BIS regarding thelegal status of,or sovereignty of any territory or its authorities,to the delimitation of international frontiers and boundaries and/or to the name and designation of any territory,city or area.Source:2022 BIS central bank survey on CBDCs and crypto.Advanced economiesEmerging marketand developing economies BIS Papers No 136 5 e-krona and the Federal Reserve Bank of New York published research demonstrating how a wholesale central bank digital currency could significantly speed up cross-border transactions.17 The work on retail CBDCs is most advanced:almost a quarter of central banks are piloting a retail CBDC,ie twice the share of central banks building or running a 17 See Sveriges Riksbank(2022)and Federal Reserve Bank of New York(2022).Central bank involvement in CBDC work advances further As a percentage of respondents Graph 2A.Engagement in CBDC work B.Focus of work1 C.Type of work in addition to research1 1 Share of respondents conducting work on CBDCs.Sources:BIS central bank surveys on CBDCs and crypto,201722.Type of CBDC work by country group As a percentage of respondents conducting work on CBDCs Graph 3A.Retail B.Wholesale Sources:BIS central bank surveys on CBDCs and crypto,202122.9080706022212019181710075502502221201918RetailWholesaleBothhas been issuedLive CBDCa live CBDCWorking onrunning a pilot Developing/conceptproofs ofExperiments/8060402002018201920202021202210075502502022202120222021AEsEMDEsResearch onlyResearch and proof of conceptResearch,proof of concept and pilotworking on a live CBDCResearch,proof of concept,pilot andLive CBDC has been issued 10075502502022202120222021AEsEMDEs 6 BIS Papers No 136 wholesale CBDC pilot.Moreover,there are more retail CBDCs live or in the making than wholesale CBDCs:two of the responding central banks are working on a live retail CBDC and another two have already issued one,while one is working on a live wholesale CBDC.The results also indicate that EMDEs are more advanced in their CBDC work than AEs:all the current live CBDCs are issued in EMDE jurisdictions.Moreover,the share of EMDE central banks piloting a retail(29%)and wholesale(16%)CBDC is almost twice as high as in AEs(18%and 10%,respectively)(Graph 3).Retail CBDCs to improve financial inclusion and payments efficiency The motives of AE and EMDE central banks for considering the issuance of a retail CBDC are converging(Graph 4,top panel).Over the years,domestic payments efficiency and payments safety have become nearly equally impor